Activist Investor Pershing Square Significantly Increases Stake in Restaurant Brands International
QSR sits 30% above its 52-week low of $61.33.
Summary
Activist investor William A. Ackman's Pershing Square Capital Management has significantly increased its stake in Restaurant Brands International, acquiring over $358 million in common stock and forward contracts, bringing total beneficial ownership to 7.8%.
Key Events · Ownership and Investor Activity · QSR
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Pershing Square Increases Beneficial Ownership
The reporting group, led by Pershing Square Capital Management and William A. Ackman, increased its aggregate beneficial ownership to 27,136,716 shares, representing approximately 7.8% of Restaurant Brands International's outstanding common stock.
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Substantial Common Stock Purchases
Pershing Square USA, Ltd. (PSUS) purchased 1,860,000 shares of common stock for approximately $150 million between April 30 and May 4, 2026, with prices ranging from $80.56 to $80.71 per share.
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Acquisition of Forward Purchase Contracts
PSUS also acquired over-the-counter forward purchase contracts for 2,652,778 shares, with an aggregate purchase price of $208,325,963.90. These contracts mature in May 2029 and do not confer voting or dispositive control until settlement.
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Reversal of Recent Stake Reduction
This increase in stake follows a previous Schedule 13D/A filing on April 29, 2026, which indicated a significant reduction in Pershing Square's holdings, suggesting a strategic shift or renewed conviction.
Analysis · QSR · Trade & Services
This Schedule 13D/A filing signals a notable re-engagement by activist investor William A. Ackman's Pershing Square Capital Management in Restaurant Brands International. Coming just over a week after a filing indicated a reduction in their stake, this amendment reports substantial new purchases of common stock and forward contracts. The combined investment of over $358 million, bringing their total beneficial ownership to 7.8%, suggests renewed conviction or a strategic shift by the prominent investor. This move, especially as the stock trades near its 52-week high, could be interpreted as a strong vote of confidence in the company's future prospects and may influence other institutional investors.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 36.1% of the 1052 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, QSR was trading at $79.93 on NYSE in the Trade & Services sector, with a market capitalization of approximately $36.3B. The 52-week trading range was $61.33 to $81.96. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.